From Komfie Manalo, Opalesque Asia:
Hong Kongís market regulator Securities and Futures Commission (SFC) has announced a plan to introduce a common Mainland-Hong Kong recognition of funds as a new frontier in the evolution of renminbi (RMB) investment products and the development of asset management business in the region.
Speaking at a forum of the Hong Kong Securities and Investment Institute, SFC Deputy Chief Executive Officer Alexa Lam called on market players, especially asset managers, to prepare themselves to take advantage of new opportunities arising from this groundbreaking initiative, which is still being studied and builds upon the experience of the Renminbi Qualified Foreign Institutional Investors (RQFII) scheme.
"I encourage you to start thinking which of your products would be suitable for the Mainland market, why they would be suitable, who your target investors would be, and how your products would help them...this is because the Hong Kong-Mainland fund platform that we are building will likely be Asiaís largest and deepest," Lam said.
She went on to say in her speech, "My vision is for the mainland and Hong Kong to build a mutual recognition platform for our public funds."
Lam envisages that qualified SFC-authorized funds domiciled in and operating from Hong Kong would enjoy the status as "recognized Hong Kong funds" and......................
To view our full article Click here